The critics are not being kind to this, I didn't think it was all that great a movie but I didn't think it was that bad, either. It's not a gritty reboot or anything like that, it's an action comedy with the Pirates of the Caribbean being the most ready point of comparison.
The sets and costuming are very good. The airships were cool. Some of the negative reviews said the movie was lacking in spirit but I thought the script (occasional anachronisms and all) and the performances by the main actors were just fine, with one big exception... the most prominent character is probably D'Artagnan and the actor playing him here is 19 years old. The actual Three Musketeers are all older and they clearly have a lot of adventures behind them and stories to tell, but they don't get as much screen time. D'Artagnan comes up a bit flat and I bet people will wish the movie spent more time with the actual Three Musketeers. There's a part where they split up and the movie follows what happens to D'Artagnan.... I won't spoil it, but I'll just say that what the Three Musketeers do next is way more interesting than what D'Artagnan does, and it leaves a plot hole because it doesn't explain how the Musketeers managed to do what they did.
And on a minor point, I thought the actress playing Constance was just plain bad. She doesn't have a lot of scenes or anything, but I mean she was so wooden it was distractingly bad.
There was also a comic relief servant character who didn't really add anything worthwhile. The most groan-inducing single scene for me involved a shot with this character on a balcony where the filmmakers decided they needed to literally show you something "funny" that had just been described moments earlier.
The action scenes have a lot of those "slow down and speed up" film tricks that everyone is probably sick of by now and will completely date this movie within a few years. You also get the usual scenes of the heroes plowing through small armies of disposable mooks and villains preferring to gloat over the characters rather than kill them when they have the chance. And I haven't seen a ton of swashbuckling movies, but it seemed to me that in places the mooks were being knocked sprawling even though the good guys hardly touched them, like in bad pro wrestling.
Reading back my own post it doesn't sound like I liked it very much at all, but I guess it was okay as a summer popcorn type of movie that happened to be released in the fall. If you have a rogue-themed campaign you might get some inspiration from a few of the scenes, as well. I did not see it in 3D but a number of scenes looked specifically filmed for 3D, so at least it doesn't appear to have been one of those after-the-fact jobs.